MARINE CARGO INSURANCE
CARGO INSURANCE FOR BUSINESSES AND INDIVIDUALS
Welcome to The Insurance Broker, the home of Marine Cargo Insurance.
The Insurance Broker has been trading since 2001 and are specialists in providing Cargo Insurance to businesses, freight forwarders and individuals alike.
Capitalising on a vast experience in Marine Cargo Insurance, The Insurance Broker Ltd has developed a strong understanding of clients’ needs in this area and works to tailor policies to their individual requirements.
The Insurance Broker can provide you with road, rail and air cargo insurance, along with sea cover that includes General Average insurance free of charge. And because we’re able to compare a wide range of insurance providers, instead of a handful of preferred companies, we’ll find you complete cover at a price that won’t leave you reeling.
COVER YOUR SHIPMENT WITH PEACE OF MIND
Despite widespread belief, it is actually the responsibility of the goods owner and not the carrier, to insure the products being shipped.
Shipping goods or belongings overseas does come with an element of risk. Shipments can become lost or damaged, leaving you to face substantial costs to replace or repair your cargo. This is especially true of territory based legislation as international shipping insurance is essential to securing your goods during transit.
There are a number of issues specific to transporting goods, and although Cargo insurance will cover your shipment up to its full value, in order to achieve the best possible cover at the most competitive price, you’ll need expert advice.
The Insurance Broker can provide you with that advice. Unlike other Insurance brokers, we specialise in the field of cargo insurance. We’ve spent years building a network of contacts amongst some of the world’s leading insurers, so you can be sure that we’ll always find you the best possible deal for your next shipment.
DO I NEED CARGO INSURANCE?
If you’re unsure whether or not you’ll require marine cargo Insurance, ask yourself whether you’d be able to cover the cost of replacing the goods if they were to get lost or damaged in transit.
Despite the common misconception, your carrier won’t compensate you for the full value of your goods or belongings in the event of loss or damage. Shipping companies are only liable to pay you a sum up to the amount specified in their trading conditions – a figure that may be as low as £1,300 per tonne.
What’s more, without marine cargo insurance you may be liable for the damage or loss of other people’s goods thanks to General Average. The law of general average is a legal principle of maritime law in which all parties in a sea venture proportionally share losses resulting from voluntary sacrifice to save the ship’s entire cargo in an emergency situation. This means that if such a situation were to arise on the shipping vessel, customers whose cargo survives the voyage would be required to compensate anyone whose cargo was abandoned to protect the cargo vessel.
So whether you’re a business shipping products to foreign customers or buying goods from abroad, or a family starting a new life overseas, if you are transporting goods overseas and you are not happy to risk paying thousands of pounds for the damage or loss of your own (and someone else’s) shipment, you are going to need cargo insurance cover to protect your goods in transit.
What is Marine Insurance?
Marine shipping insurance is the general term referring to insurance against loss or damage to items in transit. It includes both general cargo insurance and freight liability insurance. To contrastthese covers the first protects the cargo owner against loss or damage to items in transit whereas freight liability insurance protects the carrier or transport agent against their responsibility for losing or damaging the cargo.
While marine insurance often is mistaken to only covers goods transported at sea in fact, the cover is wider than expected. The name ‘marine insurance’ indicates a single mode of transport by boat but this merely originates from its roots.The modern marine insurance policy covers both land and air transits as well. The concept of Marine Cargo Insurance first commenced in the 17th century and has remained one of the strictest and most complex areas of cargo transportation insurance. Marine transit insurance quotes depend on several risk factors about everything, including the size of the vessel, the start and destination port, the route and the type of goods transported.
As sea transits often pertain to multiple ports, Marine Cargo Insurance mean that international Cargo Clauses have to be observed and will include war and strike clauses These clauses reflect the complex nature of goods in international transit.
Marine Insurance Can Cover Storage Risks
Marine cargo insurance commonly includes loss or damage that could be incurred during storage in the ordinary course of transit. The cover can be extended to include storage outside of the ordinary course, so long as transit insurance is included.
The Insurable Interest in Marine Insurance Frequently Changes
Part of the complexity in international transport insurance is caused by the change of insurable interest and responsibility for goods or property during transit, depending on contract conditions. International Shipping Insurance can cover shipments worldwide, but due to legislation requiring covers to be taken locally in some territories, not all areas can be insured. In other cases, marine transport insurance quotes may vary if an area is suffering from high risk at present.
Cargo insurance can cover transit by own transportation or by third-party carriers. Carrier’s conditions should always be checked for their policies regarding liability as they may often make the need for commercial cargo insurance taken out by the shipper evident.
WHY USE THE INSURANCE BROKER?
The Insurance Broker have been selling marine cargo Insurance for over 20 years. Our specialist team are fully trained in cargo, freight and marine insurance and we’re at the forefront of the cargo insurance industry.
Whether you require a single marine cargo insurance policy or an open general annual policy our expert team will be able to assist in ensuring that you purchase the right cargo insurance policy for your needs. We can also provide assistance if you require a specialist under-written commodity policy.
